HOKITIKA SHIPPING COY LTD

Hokitika Guardian, 21 September 1920, Page 4

HOKITIKA SHIPPING COY LTD

Tho annual meeting *of the abovo Company has been fixed for Monday, 11th October at 3 p.m., and the Directors have issued the' following report to tho shareholders:—

In submitting the seventh annual' report your Directors have to report, as in fact you are all aware, that the Company’s steamer “Paeroa” when leaving Hokitika on the 23rd of July, struck on the bar and sustained so much damage as to become ultimately a total wreck. This was particularly unfortunate, because during last year,, including cost of crew,while under repair, no less than £2,000 had been spent in repairs and improvements, and the steamer was in condition for several years’ profitable service. It will be noted from the Balance Sheet that the, Company lias practically only £2OO left in excess assets. The past seven years’ experience of the Company goes to show that if. sufficient capital had at the first been provided to'get the steel boat built that was submitted by Mr Mcßae tlio architect, it would have been profitable. Enquiries have been sent out .as to the'present cost of a steel hull, and it is,hoped that replies will be received in time to lay before the meeting. A very successful salvage was effected of the machinery, nnd gear of the Paeroa •which the Company gets if it requires it at 'actual cost. This will represent a saving of over £I,OOO in a new steamer. If it is decided to get a vessel built, the question of size will have to be also settled. It can be seen in the Balartfce Sheet that the earnings amounted to £3588, from which has to be deducted wharfage £204 and which; considering the size of the Vessel and that the period was only nine 'months’ running, must be considered amazingly good. Of that amount £1,16(1 was earned in the Southern service (Okarito freights were £451, ©race Bay and Okuru £489, and Okarito passages £22, Brace, Bay and Okuru £204). It will be seen therefore, that a great increase in trade south is necessary to assure, dividends oii a vessel restricted to that trade.

Every Shareholder is urged to make a .point of either attending the meeting in person or sending a clear expression of his wishes. The service in the meantime is being carried on by the Wakaiti at no cost to the Company. In conclusion, .your Directors feel strongly that every effort should be made by the Shareholders to secure a suitable boat for the trade as otherwise the development of South Westland cannot proceed, and that additional Shareholders comprising all who participate in the advantage of the service, shopld also contribute to the additional capital required. If the full co-opera-tion of all interested can be secured, your Directors believe that the service can bo maintained with better prospects of success than at any time in the career of the Company.